VNG Group continues gratifying development
Net profit of €71 million exceeds previous year’s figure – earnings power further improved – future-oriented Group strategy “VNG 2030+” being implemented – 2017 and 2018 characterized by major projects
The VNG Group has reported a net profit of €71 million after interest and tax for the 2017 financial year. “We are very pleased to note this generally positive business development, which confirms that the VNG Group was on the right track in 2017. We have further improved our earnings power and also laid the right foundations for the future. We note that our realignment has been successful,” emphasized Ulf Heitmüller, Chairman of the Executive Board of VNG AG, at today’s presentation of the annual financial statements. The consolidated financial statements for 2017 were drawn up in accordance with International Financial Reporting Standards (IFRS) for the first time. The net profit for the previous year, determined on the basis of the German Commercial Code, was about €40 million.
At the level of the group, EBIT in accordance with IFRS reached €104 million. For 2016, an EBIT figure of €84 million was reported in accordance with the German Commercial Code. “In 2017, we successfully completed our full consolidation within the EnBW Group and also accelerated our earnings power improvement programme, with significant results. In view of the many challenges we faced, I am very pleased that we were able to significantly outperform our earnings and financial targets for the entire VNG Group and to achieve operational improvements in a highly competitive market. Our employees made an outstanding contribution to this achievement,” says Bodo Rodestock, Member of the Executive Board responsible for Finance and Human Resources. The sales of the VNG Group, at about €10.3 billion, were considerably higher than in the previous year as a result of a number of factors including an increase in the trading activities of the Group.